SolarEdge books record-high profit, revenues in Q1

SolarEdge headquarters. Source: SolarEdge Technologies

Israel-based photovoltaic (PV) inverters supplier SolarEdge Technologies Inc (NASDAQ:SEDG) reported a soaring net profit and a record-high level of revenues generated in the first quarter of 2023, boosted by “strong global presence and execution capabilities.”

The company closed the January-March trimester with a GAAP net profit of USD 138.4 million (EUR 123.5m), zooming by 318% in annual terms and 564% sequentially, its financial report showed last week. Revenues improved by 44% on the year to USD 943.9 million, with the solar segment being responsible for most of them, bringing in USD 908.5 million.

An all-time high operating profit of USD 144.2 million was achieved, increasing from USD 50.9 million a year back. On a quarter-on-quarter basis, the positive result stands against a loss of USD 5.2 million in the final three months of 2022.

“Our diverse geographic and segmental footprint enables us to continue to grow revenues without being overly dependent on any single market or segment,” said CEO Zvi Lando.

Amounts in USD, except percentages	Q1 2023	Q1 2022
Revenues	943.9m	655.1m
- from the solar segment	908.5m	608m
GAAP gross margin	31.8%	27.3%
Non-GAAP gross margin	32.6%	28.4%
GAAP operating profit (loss)	144.2m	50.9m
Non-GAAP operating profit (loss)	183.8m	87.2m
GAAP net profit	138.4m	33.1m
Non-GAAP net profit	174.5m	68.8m

During the reporting period, SolarEdge shipped 3.6 GW of inverters and 221 MWh of batteries.

For the second quarter, the Israeli company expects revenues of between USD 970 million and USD 1.010 billion, a non-GAAP gross margin of 32%-35%, and a non-GAAP operating profit of USD 195 million-215 million.

(USD 1.0 = EUR 0.892)

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